Bitcoin Price Analysis: JPM Analysts Propose Reason Behind Recent Rally

24 October 2021 | Updated: 24 October 2021

JP Morgan Chase analysts, led by Nikolaos Panigirtzoglou, published a research work detailing the reason behind the recent Bitcoin (BTC) boom. The research explained that the hype surrounding the first-ever approved Bitcoin futures ETF in the US is not responsible for the rally, instead inflation is driving BTC to record highs.

ProShares Bitcoin Strategy ETF, BITO, went live on the NYSE last Tuesday and has amassed over $1 billion in investments. A second, Valkyrie Bitcoin ETF (BTF), launched on the NYSE last Friday.

The JPM analyst team asserted that: By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin. The analysts added that:

“Instead, we believe the perception of bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into bitcoin funds since September.

The initial hype with BITO could fade after a week.”

The price of BTC spiked to a record high of $67,000 earlier this week but has dropped to the $61,000 level (at press time). The benchmark cryptocurrency has increased by over 40% since the start of the month and over 90% since the start of the year.

Key Bitcoin Levels to Watch — October 24

BTC has fallen below the $62,000 area amid a sharp reversal from overbought conditions. We expect a bearish correction to the $60,000 or slightly lower over the coming hours and days, followed by a rebound into the $63,000 – $64,000 pivot area.

BTCUSD – 4-Hour Chart

Our bullish prediction comes as the 4-hour MACD line drops to the -570 level, indicating that market conditions are now ripe for a sharp bullish rebound.

Nonetheless, in the event of a bearish continuation below $60,000, we expect the $59,000 line to repel any further declines.

Meanwhile, our resistance levels are at $66,000, $67,000, and $68,000, and our key support levels are at $64,000, $63,000, and $62,000.

Total Market Capitalization: $2.51 trillion

Bitcoin Market Capitalization: $1.13 trillion

Bitcoin Dominance: 45.3%

Market Rank: #1

 

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Bitcoin Records New ATH at $67,000, as ETF Space Opens Up to BTC

21 October 2021 | Updated: 21 October 2021

Bitcoin (BTC) has had a ridiculously bullish session this week as it made history with its first US SEC-approved futures Exchange-Traded Fund (EFT).

ProShares Bitcoin Strategy ETF (BITO) launched on Tuesday amid volcanic fanfare and record-breaking ETFs volume. Yesterday, BTC recorded a new all-time high at $67,000 due to the excitement from the news.

As if the ProShares ETF approval was not news enough, VanEck published its Bitcoin futures ETF post-effective filing on Wednesday, indicating that the SEC has also approved the listing on NYSE Arca. The VanEck BTC Strategy ETF will have the ticker “XBTF” and leverage cash-settled Bitcoin futures contracts. The official VanEck ETF summarizes that the fund “does not invest in bitcoin or other digital assets directly.”

Shortly after the publication of the post-effective filing, co-founder of The ETF Institute Nate Geraci tweeted that: “Vaneck [is] joining the bitcoin futures ETF party next week.”

Commenting on the new developments, senior ETF analyst at Bloomberg Eric Balchunas explained that BITO has already entered “the top 30% of ETFs by assets and a near-lock to exceed my $750m by end-of-week estimate.”

VanEck decided to apply for a Bitcoin Strategy ETF on August 10, after several failed attempts to receive approval of a BTC ETF from the SEC. Some analysts speculate that VanEck’s ETF move came following positive statements from SEC Chairman Gary Gensler in the same week.

Key Bitcoin Levels to Watch — October 21

Although a few days (five) earlier than I predicted, the benchmark cryptocurrency has finally reemerged above the $65K ATH and painted a new one at $67K. Not surprisingly, BTC recorded a sharp correction a few hours ago to the $61.4K support as trading conditions entered overheated territories.

BTCUSD – 4-Hour Chart

That said, BTC is not out of the woods yet, and we could see additional corrections in the coming days near the $60K psychological support. Nonetheless, a break above the $67K ATH (which is also a near-term possibility) should pause this imminent correction as BTC would resume on a price discovery trajectory.

Meanwhile, our resistance levels are at $66,000, $67,000, and $68,000, and our key support levels are at $64,000, $63,000, and $62,000.

Total Market Capitalization: $2.63 trillion

Bitcoin Market Capitalization: $1.22 trillion

Bitcoin Dominance: 46.4%

Market Rank: #1

 

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Bitcoin Is the kingmaker: Microstrategy’s Michael Saylor

19 October 2021 | Updated: 19 October 2021

CEO of Microstrategy Michael Saylor has advised Nigeria and Zimbabwe to issue currencies backed by Bitcoin (BTC) to help them address economic challenges.

Speaking in a video, where he also addressed claims that the Bitcoin network was too big to scale, Saylor suggested to the African nations to purchase $2 – 3 billion worth of BTC and peg their currency to it. He explained that:

“You wanna fix your country, like Nigeria, or Zimbabwe? The way you fix your country is you buy $2 billion, $3 billion worth of bitcoin, and you issue currency backed by the bitcoin. That is the bitcoin standard. And every one of your citizens stops starving to death. And they live a decent life.”

Before proposing suggestions to Nigeria and Zimbabwe, the CEO also highlighted Turkey as another country that needed the help of BTC to revitalize the lira. Saylor explained that if Turkey purchased $5 billion worth of BTC and held them for the next five years, it should strengthen the lira.

That said, only one country—El Salvador—has acted in line with Saylor’s suggestion. Other countries have instead decided to create their digital currencies, like Nigeria with the eNaira, which they hold should lessen the appeal of Bitcoin.

However, Saylor insisted in the same video that “this will happen and this will prove that bitcoin is ‘the kingmaker.’”

Key Bitcoin Levels to Watch — October 19

BTC continues to struggle to record a clean break above our ascending trending, although glued to it, indicating bullish persistence. That said, bulls could secure a break above the $63,000 critical resistance over the coming days if they maintain this persistence and could reclaim the $65,000 peak before the end of this week.

BTCUSD – 4-Hour Chart

We expect the price of the benchmark cryptocurrency to continue posting higher lows along our supporting trendline to $65,000. However, failure to push above the $63,000 resistance in the coming hours and days could foil this bullish trajectory and trigger a massive correction.

Meanwhile, our resistance levels are at $63,000, $64,000, and $65,000, and our key support levels are at $61,785, $61,000, and $60,000.

Total Market Capitalization: $2.49 trillion

Bitcoin Market Capitalization: $1.17 trillion

Bitcoin Dominance: 47.1%

Market Rank: #1

 

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Bitcoin Touches $63,000 Amid Excitement Over Possible BTC ETF Approval

17 October 2021 | Updated: 17 October 2021

It appears that the US States Securities and Exchange Commission (SEC) could approve its first Bitcoin (BTC) Exchange-Traded Fund (ETF) soon, after years of turning down numerous ETF proposals.

The company that filed for its Bitcoin Strategy ETF, ProShares, could become the first company to receive the BTC ETF greenlight from the SEC next week. The company recently filed an amended prospectus, indicating that the ETF could launch as soon as tomorrow.

That said, the ETF in question is not a standard one but a futures-backed product. This means that the product tracks Bitcoin futures contracts and not Bitcoin itself.

Nonetheless, this development remains a significant achievement for Bitcoin and the cryptocurrency industry and one many analysts believe will have a lasting impact on the industry.

Exchange-Traded Funds typically provide a less-risky avenue to gain exposure to the assets in question in a regulated and secure setting. ETFs are the preferred investment routes for most institutional investors, especially with risky assets.

While the SEC has not published any official confirmation yet, rumors have put the crypto community in high spirits and bolstered the price of BTC. The benchmark cryptocurrency marked a steady ascent to the $63,000 line on Friday, 3% from its previous all-time highs of $65,000.

Key Bitcoin Levels to Watch — October 17

Following its parabolic run to the $63,000 mark on Friday, BTC has entered a minor correction towards the $60,000 psychological support. This correction comes amid a break above the critical 1192.23 area on our 4-hour MACD tool, indicating a foray into overheated conditions.

BTCUSD – 4-Hour Chart

That said, as market conditions cool down, bulls need to defend the $60,000 psychological level over the coming hours and days to retain their dominant standing. A break below that support could foster a bearish continuation towards the $59,000 – $58,000 axis, stalling the primary cryptocurrency from reclaiming its previous ATH this month.

Meanwhile, our resistance levels are at $61,785, $63,000, and $64,000, and our key support levels are at $60,000, $59,000, and $58,000.

Total Market Capitalization: $2.49 trillion

Bitcoin Market Capitalization: $1.15 trillion

Bitcoin Dominance: 46.3%

Market Rank: #1

 

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The United States Become Cryptocurrency Mining Epicenter Amid China Crypto Ban

14 October 2021 | Updated: 14 October 2021

The United States has become the global epicenter for cryptocurrency (Bitcoin) mining following the mass migration of miners from China due to the clampdown by the Chinese government.

The Chinese government took a hostile stance against the cryptocurrency industry to control financial risk in the region. China became the cradle of Bitcoin and crypto mining in 2009 thanks to its cheap electricity from coal and hydro plants.

The United States Constitute 35.4% of Global Hash Rate

At the end of August, the United States accounted for 35.4% of the global hash rate, according to a Cambridge Centre for Alternative Finance study published yesterday. This figure represents a >100% increase from the number recorded in April.

That said, China’s aim to rid itself of crypto activities has yielded significant results for the region, following the intensification of curbing efforts by Beijing since May 2021. According to recent data from Cambridge Centre for Alternative Finance researchers, the Asian nation’s share of crypto mining has dropped to zero. For context, this figure touched 75% in September 2019. As of April this year, this figure had plummeted to 46%.

While illegal mining operations might still occur in China today, private (legal) mining activities have migrated to other friendlier jurisdictions, like the United States. Also, recent spikes in hash rate from Ireland and Germany likely got triggered by miners using VPNs or proxy servers, according to Cambridge researchers.

With more miners finding settlements in friendlier countries with cheap electricity, cryptocurrencies are on the verge of reclaiming precious highs. At press time, Bitcoin is roughly 12% from its $65,000 ATH, while Ethereum (ETH/USD) is only 15% from its $4,370 all-time high.

 

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Bitcoin Price Analysis: Long-Term Holders Remain Unshaken by Price Action

14 October 2021 | Updated: 14 October 2021

New reports from Glassnode show that despite the recent price surge in Bitcoin (BTC), long-term holders have shown no intention to liquidate and realize profits yet. The blockchain analytics provider also revealed that the percentage of BTC supply held for at least three months reached 85%, a new all-time high.

Citing data from Glassnode, famous Chinese crypto analyst Colin Wu illustrated the recent behavior of Bitcoin holders and their attitude towards the benchmark cryptocurrency. The analyst detailed that the percentage of long-term holders that have not moved their coins in over ten years stands at 12.3%. These tokens are deemed dormant for this reason.

The analyst further noted that the percentage of long-term holders that have not transferred their coins between two to three years and three to five years stands at 10% and 12.26%, respectively.

Finally, the highest percentage of long-term holders were those who have refused to move their coins between the last six months to twelve months, standing at 19.5%. That said, 85.14% of BTCs have not exchanged hands for at least three months, a new record high.

In July, Bitcoin struggled to keep its head above the $30,000 mark. Today, it has almost doubled this number, but investors remain steadfast in holding their coins.

Key Bitcoin Levels to Watch — October 14

As predicted in our previous analysis, BTC witnessed a sharp correction to the $55,000 – $54,000 pivot axis from the $57,500 level over the last 48 hours. This correction found immediate support from the $54,000 level, which triggered a rebound to a new five-month high at $58,500 earlier today.

BTCUSD – 4-Hour Chart

While the price currently rests around $57,500, we expect a bull run to the $59,000 resistance over the coming hours and days.

Meanwhile, our resistance levels are at $58,000, $59,000, and $60,000, and our key support levels are at $56,700, $56,000, and $55,000.

Total Market Capitalization: $2.40 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 44.9%

Market Rank: #1

 

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Bitcoin Queries Currently at Significant Lows, Indicating Absence of Retailers

12 October 2021 | Updated: 12 October 2021

According to on-chain data, retail traders have not returned on the Bitcoin (BTC) scene despite the recent +35% rally. Google Trends data shows that queries about BTC, which is typical in market conditions like presently, are nowhere close to conventional heights.

Reports show that the number of “Bitcoin” queries on Google is at relative lows in October. The current figures are nothing compared to the yearly highs reached in May, following BTC’s rally to the $65,000 all-time high. This disparity only increases when compared to the highs recorded in December 2017.

Also, the “buy Bitcoin” searches on Google have stalled in recent weeks, indicating that retail investors are not in the market presently.

This development reaffirms recent reports that the current bullish wave in BTC came from institutional investors and not retailers. This also paints an interesting picture of how BTC could perform once retail investors come back on board.

Meanwhile, the general BTC market sentiment has entered “Greed” levels amid the rally. The last time the primary cryptocurrency market sentiment entered “Greed” levels above 71 was in early September, when BTC traded above $50,000.

It is worth mentioning that the index going into any of the extremes, Greed or Fear, gets followed by an adjustment in the opposite direction. Nonetheless, the index still has some room left before Bitcoin enters “Extreme Greed.”

Key Bitcoin Levels to Watch — October 12

After a prolonged consolidation around the $56,000 – $54,000 last weekend, BTC has finally captured the $57,000 line, as bulls remain unrelenting. The benchmark cryptocurrency continues to etch closer to touching the bullish tripwire, which could cement its ascent to the $65,000 all-time high.

BTCUSD – 4-Hour Chart

That said, our MACD indicator shows that BTC has recorded a minor correction, albeit insufficient in our view. This indication creates a tense situation around the primary cryptocurrency as a correction to the $55,000 – $54,000 could occur anytime.

Meanwhile, our resistance levels are at $58,000, $59,000, and $60,000, and our key support levels are at $56,700, $56,000, and $55,000.

Total Market Capitalization: $2.30 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 46.8%

Market Rank: #1

 

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Bitcoin Will Become Legal Tender in Five Countries Next Year: Bitmex CEO

11 October 2021 | Updated: 11 October 2021

CEO of behemoth cryptocurrency exchange Bitmex Alex Hoeptner has made some brow-raising predictions for Bitcoin adoption. The Bitmex executive recently stated that:

“My prediction is that by the end of next year, we’ll have at least five countries that accept bitcoin as legal tender. All of them will be developing countries. Here’s why I think developing countries will jump into crypto in 2022.”

Hoeptner defended his prediction by offering three factors that could drive the adoption of BTC in developing countries.

Hoeptner’s Reasons for Bitcoin Adoption as Legal Tender by Nations

The first factor is remittance. The CEO noted that remittances constituted 23% of El Salvador’s GDP in 2020.

Referencing data from the World Bank, the Bitmex executive noted that low and middle-income countries receive 75% of the total global remittance. Hoeptner argued that: “This money has got to find a way home somehow. But the current system of remittances – led by money service providers like Western Union – is ripping people off by charging them an average of 10%, just to send money home the next business day.”

Alex Hoeptner’s second factor for Bitcoin adoption by countries is inflation. He illustrated that as inflation across the globe taps significant highs, people have become more disgruntled and seek alternatives to fiat currencies amid the inflation crises. He explained that: “As inflation climbed well above 15% this year in Turkey, crypto adoption surged. Turkey responded by quickly banning the use of crypto for goods and services, but inflation is now at 19.25%.”

Hoeptner added that:

“Bitcoin fixes this, with its capped supply of 21 million. And developed countries – and or their people – are noticing.”

Finally, the CEO’s third factor is politics. Hoeptner argued that many politicians or rulers across the globe “are skilled and savvy, and have an interest in positioning themselves as progressive, populist, and new age thinkers.”

He argued that: “Over the next year, and as El Salvador works out the kinks in its rollout, savvy politicians will be thinking of how they can take a similar path, and how it might benefit both them and their constituents.” The executive elaborated that:

“What El Salvador did is take the first leap of faith, making similar moves by other countries much easier to consider.”

However, the CEO warned that: “Any failings by these leaders in the implementation phase may hurt wider adoption of cryptocurrencies in general. That’s the dangerous dilemma that lies ahead.”

 

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Bitcoin Consolidates Amid BTC Purchase Declaration from US Senator

10 October 2021 | Updated: 10 October 2021

Pro-Bitcoin Senator, Cynthia Lummis, has disclosed that she purchased Bitcoin (BTC) in a periodic transaction report (PTR).

According to the filing, the Wyoming Senator bought between $50,001 and $100,000 worth of BTC on August 16. At the time of purchase, the benchmark cryptocurrency traded at $45,000.

That said, this disclosure comes seven days outside the mandated 45-day reporting window according to the Stop Trading on Congressional Knowledge (STOCK) Act. The law requires that members of the US Congress disclose every purchase or sale of individual stocks, bonds, and Commodity futures with $1,000 and above within 45 days after the transaction.

In an interview with CNBC, a spokesperson from the Senator’s office noted that the delay in disclosure came due to “a filing error,” explaining that:

“Once we realized [the error], we worked with the Ethics committee to fix it. It was an honest mistake, and the issue has been resolved without penalty.”

The Senator’s BTC purchase in August came after she noted that she would “buy the dip” as the price fell to $30,000.

Senator Limmins remains an ardent supporter of Bitcoin. The Senator revealed that she bought her first BTC in 2013 for only $330 and owned 5 BTC as of June. She declared in February that:

“I still think it is an excellent store of value and that it should be part of every individual person’s investment portfolio.”

Key Bitcoin Levels to Watch — October 10

Bitcoin has entered a prolonged sideways momentum as bulls run out of steam. That said, the benchmark cryptocurrency faces a threat of a bearish correction to the $52,500 region if bulls fail to clear the $56,000 barrier in the coming hours.

BTCUSD – 4-Hour Chart

This bearish inclination comes amid cautions of BTC trading in overbought (greed) market conditions. Nonetheless, the coming hours are critical to the short-term price direction of the flagship cryptocurrency.

Meanwhile, our resistance levels are at $56,000, $56,700, and $57,000, and our key support levels are at $54,000, $53,000, and $52,500.

Total Market Capitalization: $2.32 trillion

Bitcoin Market Capitalization: $1.03 trillion

Bitcoin Dominance: 44.8%

Market Rank: #1

 

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Bitcoin Price Analysis: BTCUSD Peaks at $55,800 Amid Bullish Resurgence

7 October 2021 | Updated: 7 October 2021

Amid a sharp bullish resurgence across the crypto market, Bitcoin (BTC) recorded a massive jump to the $55,800 level yesterday, its highest point since early May this year.

The benchmark cryptocurrency is up by 6% and 26% over the past 24 hours and the past seven days, respectively, according to data from CoinMarketCap.

BTC reached an intraday high of $55,800 yesterday before posting a -3.5% drop below the $54,000 line a few hours ago.

Meanwhile, Bitcoin’s market dominance also recorded a significant increase, indicating that the primary cryptocurrency had a better performance than most altcoins in recent days. The BTC market dominance currently sits near 45%, a two-month high.

Also, hundreds of millions of dollars in leveraged positions got liquidated, over 90% of which were short positions. A large percentage of this liquidation came from behemoth exchange Huobi, which recorded the largest single valuation ($11 million).

Meanwhile, the altcoin sector also recorded some gains, with Shiba Inu surging by a jaw-dropping 364% over the past seven days. Ethereum (ETH, Binance Coin (BNB), Cardano (ADA), Ripple (XRP), and Polkadot (DOT) all recorded significant gains over the past 24 hours with +5.2%, +4.6%, +7.9%, +3.8%, and +12.4%. Solana (SOL) remained relatively unchanged with +1.4%, while Dogecoin (DOGE) dropped by -2.3% despite the market-wide rally.

Key Bitcoin Levels to Watch — October 7

Following a short consolidation below the $51,400 level, Bitcoin recorded a spike in trading volume, which triggered an 8% spike under four hours, helping the cryptocurrency peak at the $55,800 mark. That said, the benchmark cryptocurrency has recorded a bullish weakness this morning, as the price corrected slightly below the $54,000 support.

BTCUSD – 4-Hour Chart

We expect to see a bearish continuation to the $52,500 – $52,000 support area in the coming hours and days as the cryptocurrency comes out of overnight conditions.

Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500.

Total Market Capitalization: $2.29 trillion

Bitcoin Market Capitalization: $1.01 trillion

Bitcoin Dominance: 44.3%

Market Rank: #1

 

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